HomeMy WebLinkAbout(0119) M&C 19-078 REVISED - 17FY2019_MID-YEAR_TIF_ADJUSTMENTS_REVISEDCity of Fort Worth, Texas
Mayor and Council Communication
DATE: 09/24/19
M&C FILE NUMBER: M&C 19-0178 REV.
LOG NAME: 17FY2019 MID -YEAR TIFADJUSTMENTS
SUBJECT
Adopt Ordinance Adjusting Appropriations in Various Taxing Increment Reinvestment Zone Funds
and Amounts to Bring Revenues and Expenditures Into Balance for Fiscal Year 2019 (ALL
COUNCIL DISTRICTS)
RECOMMENDATION:
It is recommended that the City Council adopt the attached supplemental appropriation
ordinance decreasing appropriations in the various Taxing Increment Reinvestment Zone (TIRZs)
funds in the total amount of $379,209 $95,497.00 for Fiscal Year 2019.
DISCUSSION:
The City's annual Operating Budget is formally enacted into law by City Council action adopting an
appropriation ordinance that establishes spending limits for each department's operation. The
purpose of this Mayor and Council Communication (M&C) is to address mid -year adjustments to
various funds as described below.
On September 25, 2018, M&C G-19385 established the Fiscal Year 2019
(FY2019) appropriations for the various Taxing Increment Reinvestment Zones (TIRZs) in the
amount of $94,446,946.00. Based on the approved numbers for FY2019, mid -year adjustments
are needed to bring some of the TIRZ funds into balance.
Some TIRZ funds were appropriated with the use of fund balance in FY2019. Adjustments in the
amount of $1,702,617.00 are needed for some of the funds and will decrease the use of fund
balance based on available funds at the end of the prior fiscal year.
Additional appropriations in the TIRZ funds for TIRZ No. 9, TIRZ No. 9A, TIRZ No. 10, and TIRZ
No. 10A will increase estimated receipts and appropriations based on estimated available
revenues by the total amount of $1,607,120.00. The additional appropriations for TIRZs No. 9 and
No. 9A are to correct for growth and development activity within the TIRZs that exceeded
projections for FY2019, resulting in higher than anticipated contributions from TIRZ participants.
TIRZ No. 9 includes an additional appropriation of $358,02400 $592,238.00. TIRZ No. 9A includes
an additional appropriation of$8,267.00 $25,312.00.
The additional appropriation for TIRZs No. 10 and No. 10A are to correct for the change in
ownership of the annual bond payment. Typically, the annual bond payment to Wells Fargo is paid
in August. The change of ownership occurred in FY2018 and delayed the payment from occurring
in the year in which it was appropriated and resulted in the annual bond payment not being paid
until December 2018 of FY2019. TIRZ No. 10 includes an additional appropriation of $846 467.00
$874,135.00 and TIRZ No. 10A includes an additional appropriation of $110,650.00 $115,435.00,
using available fundbalance and revenue, to provide for the payment obligation.
Changes to the TIRZ funds are shown in the following table:
TIRZ Number
Fund
Adjustment
TIRZ No. 2A - Texas Motor Speedway
28721
($332,439.00)
TIRZ No. 2B - Texas MotorSpeedway
128722
($757,987.00)
TIRZ No. 3 -Downtown
28603
($42,276.00)
TIRZ No. 4 — Southside Med Dist.
128604
($88,976.00)
TIRZ No. 7 - North Tarrant Pkwy
28607
($140,402.00)
TIRZ No. 9 - Trinity River Vision
128609
$592,238.00
TIRZ No. 9A - Trinity RiverVision
28790
$25,312.00
TIRZ No. 10 - Lone Star
128610
$874,135.00
TIRZ No. 10A - Lone Star
28710
$115,435.00
TIRZ No. 12 — East Berry
128612
($1,918.00)
TIRZ No. 13 —Woodhaven
28613
($23,997.00)
TIRZ No. 14 - Trinity Lakes
28614
($314,622.00)
This M&C does not request approval of a contract with a business entity.
A Form 1295 is not required because: This M&C does not request approval of a contract with a
business entity.
FISCAL INFORMATION / CERTIFICATION:
The Director of Finance certifies that upon approval of the above recommendations and the
adoption of the attached appropriation ordinance, funds will be available in the Fiscal Year
2019 operating budgets as appropriated to the various funds. Prior to any expenditure being
incurred, Economic Development has the responsibility to validate the availability of funds.
Submitted for City Manager's Office by: Jay Chapa 5804
Originating Business Unit Head: Robert Sturns 2663
Additional Information Contact: Robert Sturns 2663